PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 2.8% in August, down from 3.8% year over year, CoreLogic Inc. said on Thursday.
The national delinquency rate in August was 2.8%, a decline from 4% in August 2021.
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“The share of U.S. borrowers who are six months or more late on their mortgage payments fell to a two-year low in August and was less than one-third of the pandemic high recorded in February 2021,” said Molly Boesel, principal economist at CoreLogic. “Furthermore, the foreclosure rate remained near an all-time low, which indicates that borrowers who were moving out of late-stage delinquencies found alternatives to defaulting on their mortgages.”
Rhode Island tied Maine for the second-highest mortgage delinquency rate in New England in August, behind Connecticut:
- Connecticut: 3.4%, a decline from 5.0% one year prior.
- Maine: 2.8%, a decline from 3.7% one year prior.
- Massachusetts: 2.4%, a decline from 3.4% one year prior.
- Vermont: 2.3%, a decline from 2.9% one year prior.
- New Hampshire: 2.1%, a decline from 2.8% one year prior.
The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 1.3% in August, a decline from 2.4% one year prior. The foreclosure rate in August was 0.3%, same as August 2021.
